Acquisition Trims Itron Earnings

Wed., April 17, 1996

By Bert Caldwell bertc@spokesman.com (509) 459-5450

An acquisition late in the first quarter dragged down the earnings of Itron Inc., the Spokane maker of automated meter-reading systems for utilities.

Including results from Utility Translation Systems Inc., Itron revenues increased 26 percent to $48.1 million.

But net income slipped to $3 million from $3.3 million, or 21 cents per share, vs. 24 cents, after allowing for the additional 400,000 outstanding shares created as a result of the merger.

Without allowing for the merger, Itron would have earned $2.7 million, up from $2.3 million for the same period last year. Shares earned 21 cents vs. 18 cents.

Sales of automatic meterreading systems grew 77 percent to $37.3 million, while sales for hand-held units dropped 37 percent to $10.8 million.

An unusually large shipment of hand-held equipment to Japan was booked in the first quarter of 1995.

At the end of March, 208 utilities were testing or had permanently installed Itron equipment. The number a year ago was only 110. Order backlog was $79 million.

, DataTimes

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are tax deductible.

Meet Our Journalists

Jesse Tinsley

Meet Jesse Tinsley. As a certified drone pilot, this veteran Spokesman-Review photographer often can be seen capturing beautiful aerial photographs of our region. Sometimes though, the job requires getting down with the dogs.
Jim Meehan

Jim Meehan is no stranger to Zag Nation. As the lead writer covering the Gonzaga men’s basketball team, he tells the stories behind the game and gets fans a bit closer to their favorite players.
Molly Quinn

There is no artist in Spokane like Molly Quinn. Her whimsical style is instantly recognizable to readers of The Spokesman-Review. She has painted gorgeous illustrations that instantly elevate the journalism accompanying it. She brings to life the stories that defy photography. She makes our pages better.
Rob Curley

Spokesman-Review editor Rob Curley loves to talk with people and learn about their lives, whether it's a best-selling author or a stranger he meets downtown on his walk to lunch. It's that inquisitive nature combined with a playful sense of storytelling that helps make our newspaper different than most.

Acquisition Trims Itron Earnings

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

Proposed Hormuz deal would give Iran control of inbound traffic, sources say

Updated: Multiple dead in shooting at North Carolina home, officials say

Updated: As Social Security benefit cuts loom, Congress wades into the crisis